James Labe
About James P. Labe
James P. Labe (age 68) is Chief Executive Officer and Chairman of the Board of TriplePoint Venture Growth BDC Corp. (TPVG), serving as a Class III director since 2013 with a term expiring in 2026 . He co-founded TriplePoint Capital LLC (TPC) and serves as its Co-CEO; he previously founded and led Comdisco Ventures, which executed more than $3 billion of venture loan and lease transactions across 970+ VC-backed companies . Education: BA, Middlebury College; Executive MBA, University of Chicago . As an externally managed BDC, TPVG does not pay Labe directly; compensation alignment operates through the Adviser’s fee structure, with FY2024 base management fees of $15.0 million and no incentive fee earned, framing pay-for-performance primarily via portfolio income and valuation outcomes . Recent multi-year financial context is detailed below.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TriplePoint Capital LLC (TPC) | Co-CEO; Voting member of Investment Committee | Since inception (2006) | Leads originations and VC relationship management; core platform for TPVG deal flow |
| Comdisco Ventures (division of Comdisco, Inc.) | Founder and CEO | Not disclosed | Institutionalized venture lending/leases; >$3B transactions for >970 VC-backed companies |
| TriplePoint Private Venture Credit Inc. (TPVC, non-listed BDC) | CEO and Chairman | Not disclosed | Sister vehicle within TriplePoint platform; oversight and strategy |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TPVC (non-listed BDC) | Director; CEO and Chairman | Not disclosed | Governance/leadership across affiliated BDC platform |
Fixed Compensation
| Component | Amount/Terms | Notes |
|---|---|---|
| Base salary | None | TPVG’s executive officers are not compensated directly by TPVG |
| Target bonus % | N/A | No direct cash bonus from TPVG |
| Actual bonus paid | N/A | No direct executive compensation paid by TPVG |
| Perquisites | Not disclosed | No perquisite detail disclosed for executives |
Performance Compensation
| Element | Metric/Mechanics | FY2024 Result | Key Implications |
|---|---|---|---|
| Adviser Base Management Fee | Based on gross assets; paid under Advisory Agreement | $15.0 million | Scales with AUM; alignment sensitive to asset growth/valuation |
| Incentive Fee | Portion based on income not yet received in cash | $0 earned | Structure can influence investment selection; valuation oversight procedures highlighted |
| Equity/Options | Company options or RSUs to executives | None granted in 2024 | Lower direct equity-based pay reduces vesting-related selling pressure |
The Compensation Committee is fully independent and annually re-approves the Advisory and Administration Agreements; no direct executive comp report is produced given external management .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 221,081 shares of TPVG common stock |
| Ownership % of outstanding | ~0.55% (221,081 / 40,137,371; derived from shares outstanding) |
| Indirect holdings | Includes 250 shares in children’s custodian trust accounts; Labe disclaims beneficial ownership except to pecuniary interest |
| Director dollar range | Over $100,000 (at $7.61 closing price on record date) |
| Options/RSUs | None disclosed; no options granted FY2024 |
| Hedging/derivatives | Prohibited (puts/calls, derivatives, short sales) |
| Pledging | Prohibited except with pre-approval; margin accounts disallowed |
| Trading controls | Pre-clearance required; quarterly/event blackout periods; 10b5-1 permitted under policy |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start date (current role) | Class III Director since 2013; CEO and Chairman roles concurrent with Board service |
| Contract term/expiration | Director term expires 2026; executive roles under external Adviser framework |
| Auto-renewal clauses | Advisory and Administration Agreements subject to annual re-approval by Board; not an employment contract |
| Non-compete / Non-solicit | Not disclosed |
| Garden leave | Not disclosed |
| Severance / Change-of-control | Not disclosed for executives; indemnification agreements provided to directors and officers |
| Post-termination consulting | Not disclosed |
| Indemnification | Maximum indemnification permitted under Maryland law and 1940 Act; expense advancement |
Board Governance
- Dual role: CEO + Chairman; board acknowledges potential conflicts and mitigates via strong governance (six of eight directors independent, four standing committees exclusively independent, executive sessions, independent CCO oversight, Lead Independent Director) .
- Lead Independent Director: Steven P. Bird; duties include presiding over executive sessions, liaising with Chair, and agenda oversight; three-year term .
- Committees and chairs:
- Audit (Chair: Kimberley H. Vogel); audit committee financial experts: Vogel, Ahye; 4 meetings in 2024 .
- Nominating & Corporate Governance (Chair: Stephen A. Cassani); 5 meetings .
- Valuation (Chair: Gilbert E. Ahye); 4 meetings .
- Compensation (Chair: Steven P. Bird); 1 meeting; sets CEO/executive comp if any; reviews Advisory/Administration Agreements annually .
- Board meetings/attendance: 5 meetings in 2024; all directors attended at least 75% of Board/committee meetings .
- Labe does not serve on independent committees (committees limited to independent directors) .
Related Party Transactions and Conflicts Management
- Advisory Agreement: Adviser earns base and incentive fees; valuation-related conflicts addressed via policies; FY2024 base fee $15.0m; no incentive fee .
- Administration Agreement: TPVG reimbursed Administrator $2.4m in FY2024 for overhead and personnel (CFO, CCO and staff) .
- Staffing Agreement: Adviser leverages TPC teams; access to TPC deal flow; terminable with 60 days’ notice .
- License Agreement: Non-exclusive, royalty-free license to use “TriplePoint” name while Adviser or affiliate serves as investment adviser .
- Co-investment: SEC Exemptive Order (3/28/2018) permits negotiated co-investments subject to “required majority” independent director findings .
- 2017 Management Securities Purchase Agreement: Labe and Srivastava purchased aggregate 73,855 shares; registration rights for shelf and underwritten offerings .
Performance & Track Record
- Venture lending pioneer; established Comdisco Ventures and expanded venture lending/lease financing to VC-backed companies .
- Leads TPC investment originations and VC relationship management since 2006, anchoring TPVG’s pipeline and underwriting discipline .
Multi-Year Financials (Context)
| Metric ($USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues | $2,691,000 | $2,346,000* | $1,825,000 |
| Net Income - (IS) | -$20,070,000 | -$39,821,000 | $32,046,000 |
Values with an asterisk were retrieved from S&P Global.
Recent Quarterly Financials (Last 8 quarters)
| Metric ($USD) | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenues | $393,000 | $452,000* | $517,000* | $416,000* | $440,000* | $446,000* | $739,000 | $451,000* |
| Net Income - (IS) | -$28,793,000 | $7,979,000 | $8,617,000 | $22,634,000 | -$7,184,000 | $12,689,000 | $13,174,000 | $15,233,000 |
Values with an asterisk were retrieved from S&P Global.
Compensation Structure Analysis
- Increase in guaranteed vs at-risk pay: Not applicable at the TPVG level given no direct executive compensation; alignment operates via Adviser fees and incentive constructs .
- Equity awards shift: No company option grants in FY2024; no executive/director equity grants disclosed, reducing vesting-driven sell pressure .
- Performance metric calibration: Incentive fee partially recognizes non-cash income, which can introduce timing/quality considerations; strong valuation and committee oversight aim to mitigate conflicts .
- Clawbacks/tax gross-ups: No clawback policy disclosure found; no tax gross-up disclosures [Search none].
- Ownership guidelines: Not disclosed; however, insider policy strictly limits hedging, margin, and pledging .
Risk Indicators & Red Flags
- Dual-role governance risk: CEO + Chairman addressed via Lead Independent Director, independent-only committees, executive sessions, and CCO reporting .
- Valuation/conflict risk: Adviser fees linked to asset values and income; Board and Valuation Committee use independent valuation firms and policies .
- Pledging/hedging: Generally prohibited (pledging requires pre-approval), lowering misalignment risk .
- Related party dependencies: External Adviser, Administrator, and TPC staffing agreements create reliance on affiliated entities; re-approval and oversight processes in place .
- Section 16 compliance: Company reports timely filings for FY2024 .
Compensation Committee Analysis
- Composition: Entirely independent; chaired by Steven P. Bird; sole authority to retain compensation consultants; 1 meeting in FY2024 .
- Scope: Determines CEO/executive compensation if any; annually re-approves Advisory and Administration Agreements; reviews reimbursements for CFO/CCO staffing .
- Interlocks: None reported for FY2024 .
Board Service History and Committee Roles for James P. Labe
- Board service: Class III Director since 2013; Chairman of the Board .
- Committee service: None; committees limited to independent directors .
- Dual-role implications: As an “interested person” (CEO and Adviser affiliate), the Board explicitly recognizes potential conflicts and applies governance mitigants (Lead Independent Director, independent committees, executive sessions) to safeguard independence .
Investment Implications
- Alignment: Labe’s compensation exposure is primarily via Adviser fee economics; FY2024 zero incentive fee suggests sensitivity to portfolio income quality and timing . Strict insider policy (no hedging/derivatives, pledging only with pre-approval) and modest direct equity stake (~0.55%) temper insider selling pressure but limit “skin-in-the-game” vs total shares outstanding .
- Governance and conflicts: CEO + Chairman dual role introduces inherent conflict risk; mitigated by a strong independent board, Lead Independent Director, and independent valuation practices—critical for BDCs where fees can intersect with valuation .
- Execution track record: Deep venture lending pedigree and platform leadership at TPC support origination and underwriting, but external management and co-investment dynamics require continued oversight to ensure fair allocation and fee discipline under the Exemptive Order .
- Trading signals: No disclosed equity award vesting calendars or option expirations; monitor Form 4 filings for changes in Labe’s 221,081-share position and any pre-approved pledging activity; policy-driven blackout periods and pre-clearance may constrain opportunistic trading .
